This means that if you haven’t signed up with your bank information, you can technically still pay others with money in your Venmo balance. A Venmo balance refers to the money you’ve received from other Venmo users. It allows you to source money from a credit or debit card, a US bank account, and even by using your Venmo balance. When signing up for a Venmo account you’ll be asked to decide how you want to pay people as well as asked to set up a funding source. You can use it to do things like split a lunch bill, pay for your half of a cab, pay your roommate for rent, or even as a payment method in authorized partner apps.
The company notes that “At its core, Venmo provides a social way to pay your friends when you owe them money and don't want to deal with cash.” It’s this uniquely social aspect that’s made it so popular for individual use, as opposed to PayPal which is used largely by businesses. And, the company has capitalized on the social nature of its app. “Just Venmo me the money” is something heard amongst younger social circles nowadays.
In fact, the app has become so popular now that it’s even become a verb for sending money to friends. Chances are that if you’ve only heard of one money transfer app, it’s likely been Venmo.
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